Mortgage Advice needed

aj1soad

Hi all. Ive currently got a 25 year mortgage for £65000. I'm on a 3yr fixed mortgage for 5.39% with Leeds building society but its coming to an end on 1st September, and the new tracker rate they've given me is 5.49%. I'm just wondering whats best for me to do? Stay on a tracker with leeds of go for someone new, or go on another fixed rate mortgage. Hope someone can help me. Thanx

opinions4u

What is their standard variable rate (SVR)? It may be more appropriate to stay on this than choose a tracker product.

How much is your property worth? This information is pretty vital to getting helpful suggestions!

Assuming your house is worth a chunk more than your debt, I'd suggest checking out sites like www.moneysupermarket.com/mortgages to compare options available with other lenders.

yelf

it depends on your LTV: if its good you may be able to get a fix at 4% or even less. If it's 95% LTV you'd be looking more like 6.5%. You need to know what would be available for you from a fixed before being able to make any decision

getmore4less

Check the followon rate,

That is the starting point, nothing to do and no fees.

Then look for a better deal.

Compare like for like so if any new deal costs more than the followon work out the current mortgage with overpayment to see which is better over theterm of any new deal.

aj1soad

opinions4u wrote: »

What is their standard variable rate (SVR)? It may be more appropriate to stay on this than choose a tracker product.

How much is your property worth? This information is pretty vital to getting helpful suggestions!

Assuming your house is worth a chunk more than your debt, I'd suggest checking out sites like to compare options available with other lenders.

I bought the house for £69,000 and payed £5,000 deposit. Id say the house is worth around £95,000. im not sure how much ive got left on my mortgage, i think its about £62,000. The rate my mortgage is gona be on on the 1st of september is 5.49%

opinions4u

Shop around for the best remortgage deal with another lender.

This link in post #2 is a good starting point.